ICO press release
Date: 28 Feb 2008
In a landmark ruling under the Freedom of Information Act, the Information Commissioner has ordered 32 local authorities to disclose the amount of money paid to brokers by investment managers on behalf of employees’ pension funds. The Information Commissioner, Richard Thomas, has ruled that there is a strong public interest in releasing the information.See also:
In one case, Tameside Metropolitan Borough Council received a FOI request for all IMA (Investment Managers Association) disclosure tables. The tables contain a breakdown of the commission payments made by investment managers on behalf of the Greater Manchester Pension Fund. These payments are directly deducted from the pension fund.
The council refused to disclose the information citing two exemptions, confidentiality agreements and commercial sensitivity. However, the Information Commissioner decided that the public interest in disclosing the information overrides the public interest in maintaining the exemptions.
Information watchdog targets private sector - Financial Times, 28 Feb 2008
Read the decision notice